Luggage Industry Thematic Report 2025

This document is a research report focused on the Indian luggage industry, titled 'Luggage Industry – Thematic: Travel, mobility, and aspirations unlock Luggage 2.0!' It outlines the projected growth of the industry, estimating it to reach INR267 billion by CY28, with a compound annual growth rate (CAGR) of 12% from CY23 to CY28. The report details the recovery of the sector following a contraction in CY20 due to the pandemic, highlighting a significant rebound with a 37% CAGR between CY20 and CY23. It presents insights into market dynamics, including the shift from unbranded to branded products, driven by rising disposable incomes and urbanization. The report also discusses the competitive landscape, noting that major players like VIP, Samsonite, and Safari together control approximately 33% of the market. Additionally, it addresses the evolving consumer perceptions of luggage as a status symbol and the impact of digital culture on purchasing behaviors. The report concludes with an investment thesis recommending coverage on VIP Industries and Safari Industries, both rated with a BUY recommendation.